TECHNICAL ANALYSIS: TSX Hits All-time High; MACD Generate Buy Signal


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The TSX is higher in late morning trading up 6 points to 15,400 after hitting a fresh intra-day all-time high earlier at 15,409. Most sectors are higher, led by Metal and Mining but Energy and Industrials are capping gains.

Momentum on the TSX has turned higher as the MACD (moving average convergence divergence) index on Wednesday generated a buy signal. This occurs when the spread (the 12-day moving average minus the 26-day moving average) crossed above the 9-day moving average of the spread. The index moved from negative to positive territory confirming the buy signal.

The RSi (relative strength index) which is a momentum oscillator that measures overbought and oversold levels moved higher with price action reflecting accelerating positive momentum, while printing a reading of 69.5, just below the overbought trigger level of 70.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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